Catalyst Capital Advisors LLC acquired a new position in Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 434 shares of the basic materials company's stock, valued at approximately $36,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Steel Dynamics during the 4th quarter valued at about $199,835,000. Victory Capital Management Inc. lifted its holdings in Steel Dynamics by 11.7% during the fourth quarter. Victory Capital Management Inc. now owns 4,608,517 shares of the basic materials company's stock valued at $286,051,000 after purchasing an additional 481,137 shares in the last quarter. Pacer Advisors Inc. boosted its position in shares of Steel Dynamics by 816.1% in the first quarter. Pacer Advisors Inc. now owns 310,343 shares of the basic materials company's stock worth $25,892,000 after purchasing an additional 276,467 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Steel Dynamics by 20.9% in the fourth quarter. JPMorgan Chase & Co. now owns 1,389,118 shares of the basic materials company's stock worth $86,222,000 after purchasing an additional 240,496 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Steel Dynamics by 11.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,269,894 shares of the basic materials company's stock valued at $78,822,000 after purchasing an additional 131,121 shares during the period. 83.19% of the stock is owned by hedge funds and other institutional investors.
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Insider Activity
In related news, Director Keith E. Busse sold 5,040 shares of Steel Dynamics stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $83.51, for a total transaction of $420,890.40. Following the completion of the transaction, the director now directly owns 724,034 shares of the company's stock, valued at approximately $60,464,079.34. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 5.40% of the company's stock.
Steel Dynamics Trading Up 1.3 %
STLD opened at $84.65 on Wednesday. Steel Dynamics, Inc. has a 12 month low of $50.54 and a 12 month high of $100.37. The company has a current ratio of 3.52, a quick ratio of 1.87 and a debt-to-equity ratio of 0.41. The stock has a 50-day moving average of $71.98 and a 200 day moving average of $75.63. The firm has a market cap of $15.46 billion, a P/E ratio of 3.76 and a beta of 1.41.
Steel Dynamics (NASDAQ:STLD – Get Rating) last released its earnings results on Wednesday, July 20th. The basic materials company reported $6.73 earnings per share for the quarter, beating the consensus estimate of $6.34 by $0.39. The firm had revenue of $6.21 billion for the quarter, compared to the consensus estimate of $5.93 billion. Steel Dynamics had a return on equity of 71.50% and a net margin of 19.81%. The company's revenue for the quarter was up 39.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.40 EPS. As a group, research analysts forecast that Steel Dynamics, Inc. will post 21.07 EPS for the current year.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on the company. BMO Capital Markets increased their price target on Steel Dynamics from $95.00 to $104.00 in a research note on Friday, April 22nd. The Goldman Sachs Group downgraded Steel Dynamics from a "buy" rating to a "neutral" rating and decreased their target price for the company from $114.00 to $92.00 in a research note on Tuesday, May 31st. Morgan Stanley dropped their price target on Steel Dynamics from $94.00 to $78.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 6th. UBS Group set a $95.00 price objective on shares of Steel Dynamics in a research report on Monday, June 20th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Steel Dynamics from $129.00 to $110.00 in a research report on Tuesday, June 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $89.00.
Steel Dynamics Company Profile
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Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.
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